Debt.. Jobs.. Education Options

[stephen_lee]

I'm now 18, as of February 2nd, and I see my mother, sister, brother, and even grandparents in debt. I'm truly afraid of owing any money aside from buying a house. As of now I probably won't even buy a car unless I have the cash for it. Once in the last two years have I ever been in the negative. The only reason that happened was because, when i worked at Little Caesars, my pay check had bounced, so they took around $490 out of my account w/o any notice throwing me -$19 and then the $31 overdraft fee. I talked to my employer though, and got $670 back. A nice gain of $149 after the fees. But in all honestly it was.. quite bone chilling seeing that "-" on my account. Anyway, i now work at AutoZone, with a chance to work building engines for an oil drilling company starting at $12/hour while average wage is $35/hour. But then again, I'm really good w/ computers and am already a certified tech. So I think I'll be fine as I have something to fal back on no matter which way I choose to go. I know one will be a great choice in the long run, and I will have great Job security. The other, though, will start paying off much quicker, but not as much in the end, with less security. But the former requiring college and therefore debt since I don't have the cash to pay for it as of now. *sarcasm* I love decisions...

[Rayme]

I'm 26, and last time I check my student loan interest, it was 8.* %.
My mini home mortgage is 5.*%.

They state our interest rate is deductable, but it's just another "credit" field on the tax form, you barely get 25% of what you paid in interest.

As of now, 40$ of my 150$/monthly payment goes on the capital, somebody is cashing in on my mistakes. I think it's a crime, and my loan is waaay smaller than some of my friends who are at 60 000$ - 80 000$.

And ask anyone around who are still paying their loan, I'm pretty sure everybody will say, they are indeed evil, they are like ball chain that even bankrupty doesn't erase. I'm ranting right now but I'm sure I'm talking for alot of people. That being said I'm not saying NO don't go to school, I would highly advise anyone to invest into going into post-secondary education, but it's just a sad fact that the interest rates (here at least) are so unbeleivably high.

EDIT : I was wrong, I checked my interest rate and it was 7.75 %, floating.

This post has been edited by Rayme: Mar 17, 2008 - 4:40 PM